European private equity giant Ardian has pulled in €230m for its second growth fund, triple the size of its predecessor.
Ardian Growth Fund II hit a final close after just four months on the road, the firm said.
It comes nearly four years since Ardian Growth Fund I held a final close of €70m.
The firm said the fundraise generated strong interest from both institutional investors such as the European Investment Fund as well as more than 50 European entrepreneurs operating in the digital sector.
The fund will look to take both minority and majority stakes in fast-growing and profitable companies that want to accelerate their international development and external growth across France, Italy, Spain and the Benelux. It will deploy up to €25m per ticket.
Head of Ardian Growth Laurent Foata said, “This fundraise was completed at a record speed and was heavily over-subscribed, demonstrating the trust given to our team and strategy by both existing and new investors. By welcoming a new group of leading entrepreneurs as investors, we significantly add to our ability of offering a truly differentiated approach to portfolio companies.
“With the substantial size of the fund, the fundraise strengthens Ardian Growth’s positioning as a leading growth catalyst for ambitious entrepreneurs across Europe.”
The strategy has been particularly active over the past year, making more than nine exits, five investments and nine build-ups.
Ardian now manages assets of around $67bn in Europe, North America and Asia.
The firm’s buyout strategy recently entered exclusive talks to sell its stake in DIY, gardening and home improvements private sales website Bricoprivé.com to investment house Florac.
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